What struck me about the land trust idea was that it capped the sellers capital gain at 25% no matter what the market dictated.
What irks me no end is that over the past decade the city has followed a housing policy that has created a lack of supply at the same time demand has grown. Add to that the benefits of various NRP programs that those lucky enough to have entered the market at the right time have fairly used to their advantage. The end result has been windfall profits the likes of which I find unbelievable. Go to Lathrops, buy a lot of paint, put some sweat and soul into your house, maybe add a deck or porch, and sit back, wait and scream about property tax rates and rising assessed values. If you got a problem, tough it out til the interest rates drop and refinance or go the bank and get a home equity loan. Homes that were affordable to those just starting out in the their prime years have exploded in value. For many this will be the "lucky break" that will propel them in to secure futures. This is what home ownership is all about in America! Right?! What's happening as it always does is that the rich get richer and the poor run in place at best and in Minneapolis the middlers get to see the bar raised behind them. What incentive will those buying into land trust deals have if they realize their home ownership is no step upward relative to the costs of the homes they would likely want to move to in the future. My g-d, I just went by a project where the sign read "starting in the $400,000's rising to the upper bracket." Hey babe. If you don't have a house now, forget about affording one in the city unless you and a partner have good paying jobs. Even then you might not find one you can stand in the burbs. The drawbridge done been pulled up and you're on the other side of the moat. Tim Connolly Ward 7 __________________________________________________ Do You Yahoo!? Check out Yahoo! Shopping and Yahoo! Auctions for all of your unique holiday gifts! Buy at http://shopping.yahoo.com or bid at http://auctions.yahoo.com _______________________________________ Minneapolis Issues Forum - A Civil City Civic Discussion - Mn E-Democracy Post messages to: [EMAIL PROTECTED] Subscribe, Unsubscribe, Digest option, and more: http://e-democracy.org/mpls
